The American Immigration Council's latest report on "New American" companies in the 2024 Fortune 500 highlights the critical role immigrant entrepreneurs play in driving U.S. economic success. As Saluja Law has long emphasized, the contributions of immigrants are vital not only to innovation but to job creation and long-term economic stability. This report is a clear reminder of how deeply intertwined immigration is with the entrepreneurial spirit that fuels America's economic engine.
Immigrant Entrepreneurs: A Foundation for American Success
In 2024, 46 percent of Fortune 500 companies were founded by immigrants or the children of immigrants. This staggering figure underscores the transformative impact of immigration on America's business landscape. Companies like Amazon, Apple, DoorDash, and Monster Beverage—some of the most recognizable brands in the world—were founded by New Americans, illustrating the profound influence of immigrants on both the U.S. and global economies. Collectively, these companies generated $8.6 trillion in revenue in fiscal year 2023, an amount surpassing the GDP of some of the world's largest economies, including Japan, Germany, and India.
This data serves as a testament to the entrepreneurial potential immigrants bring to the U.S., and more importantly, it highlights the need for immigration policies that nurture and harness this potential. Meaningful immigration reform is essential to maintaining America's competitive edge.
Economic Contributions Across States and Sectors
Immigrant-founded companies aren't just national powerhouses; they are also key players in local economies. States like New York, California, and Texas, which are home to the largest concentrations of New American Fortune 500 companies, benefit from increased business investments and job creation. In fact, these companies collectively employ more than 15.5 million people globally, making their workforce comparable to the population of some of the largest U.S. states.
Industries like manufacturing, professional services, and information technology have especially benefited from immigrant entrepreneurs. More than two-thirds of manufacturing firms on the Fortune 500 list were founded by immigrants or their children, demonstrating how immigrants have propelled one of America's most critical sectors.
Immigration Reform: A Key to Future Growth
The report further highlights that immigrant entrepreneurs represent 22.6 percent of all entrepreneurs nationwide. In certain industries, this number is even higher—immigrants account for one-third of entrepreneurs in the accommodations and food services sector. This data is a call to action for policymakers to recognize the importance of reforming immigration policies to support and encourage this vital entrepreneurial spirit.
At Saluja Law, we believe that fostering immigration pathways that attract and retain talented individuals is crucial for America's future. The success of immigrant-founded companies shows that when immigrants thrive, America thrives. As the U.S. looks to remain competitive in a rapidly evolving global economy, we must prioritize immigration reform that welcomes and empowers the innovators, job creators, and entrepreneurs who are the backbone of the nation's prosperity.
By embracing and supporting immigrant entrepreneurs, we can continue to build on the rich legacy of innovation and growth that has long defined the American experience. The time for comprehensive immigration reform is now.
Saluja Law remains committed to advocating for policies that promote immigrant entrepreneurship and economic growth. We urge lawmakers to consider the far-reaching benefits of immigration reform to ensure that America remains a land of opportunity for all.